From the Wall Street Journal:
The LeFrak family, which built thousands of apartment units in Queens in the 1960s and 1970s, will create its first new residential project in the borough in 38 years.
The Manhattan real-estate family's third-generation head, Richard LeFrak, plans to convert a 13-story office tower in Rego Park built by his father 50 years ago into 108 luxury rentals. The project is tiny compared with the family's megadevelopments in the region, such as LeFrak City in Queens and the Newport complex in Jersey City.
The Queens project reflects a new era of real-estate investment in that borough. When the family built LeFrak City, it was manufacturing low- and middle-income housing for teachers, firefighters and the area's working class. Now, the LeFraks are planning to build high-end rentals to cater to Queens' booming young and immigrant population.